June 2020, Vol. 247, No. 6

Features

Post-Kingfisher Guidelines for Gathering, Transportation Agreements

By Harve Truskett and Parker Lee, Attorneys, Hunton Andrews Kurth   A recent ruling in Alta Mesa Holdings, LP v. Kingfisher Midstream, LLC, (In re Alta Mesa Res., Inc.), 613 B.R. 90 (Bankr. S.D. Tex. 2019) (“Kingfisher”) provides midstream companies with a set of guidelines for evaluating their agreements. The COVID-19 pandemic has dramatically reduced the demand for crude oil and a mid-April deal between Russia, Saudi Arabia, and other OPEC producers to cut production has done little to alleviate the resulting downward pressure on crude oil prices. Upstream exploration and production companies, particularly those carrying a lot of debt, are especially vulnerable to this downturn in price

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